Dutch pension fund kicks OCP over Western Sahara
Article image
Morocco's state-owned phosphate company, responsible for the illegal exploitation of Western Sahara's phosphate reserves, was ditched over human rights issues in Western Sahara.
Published 02 February 2016


In April 2014, Morocco's state owned phosphate company, Office Chérifien des Phosphates (OCP), was allowed onto the Irish Stock Exchange, with an inaugural bond issue of 1.55 billion US dollars. Two coupons are available; a 10 year coupon at a rate of 5.625% and a 30 year coupon at 6.875%.

The Dutch pension fund for graphic designers PGB has excluded OCP from its portfolios in the fall of 2015, for "human rights violations in Western Sahara".

Ever since Morocco invaded Western Sahara in 1975, OCP took over the management of the territory's phosphate mines at Bou Craa. The UN Security Council's legal department concluded in 2002 that the exploitation and exploration of the mineral reserves of Western Sahara are a violation of international law if not undertaken in accordance with the benefits and the wishes of the Saharawi people - the rightful owners of the resources.

For years, Saharawis have been protesting against the illegal trade in phosphates mined in their occupied homeland. In recent months, an upsurge in protests could be witnessed in the occupied parts of Western Sahara, mainly targeted against OCP. Saharawis are frustrated that jobs created through the exploitation of their resources are overwhelmingly given to Moroccan settlers. They demand their right to employment, and - as banners at protests state -"fair share of our own wealth". The Moroccan regime deals with these protests as it deals with any form of dissent; with brutal force.

For decades, Morocco has sold off Western Sahara's highly lucrative phosphate rock as if it was entitled to do so. The revenues have been poured back into the costly occupation of Western Sahara.

OCP's affairs at the Irish Stock Exchange are managed by Barclays, Morgan Stanley and JP Morgan; multinational financial services corporations based in the UK and USA.

EU-Morocco Statement: autonomy without self-determination, law without lawfulness

A joint statement that came out of last week’s EU-Morocco Association Council asks readers to believe in a fiction: that an undefined autonomy plan imposed by an occupying power can satisfy the right to self-determination, and that respect for international law can coexist with the systematic ignoring of the EU’s own highest court.

02 February 2026

Greenland Yes, Western Sahara No? The EU’s self-determination test

As the European Union rightly rallies behind Greenlanders’ right to decide their own future in the face of external pressure, a test of the EU’s real commitment to self-determination is quietly unfolding in Brussels.  

22 January 2026

The CJEU Court Cases

Keeping track of the many legal proceedings relating to Western Sahara is not easy. This page offers an overview of the cases concerning the territory that have been before the Court of Justice of the European Union (CJEU).

19 January 2026

New report: Certified occupation

International certification standards embellish Morocco’s controversial trade with fisheries and agricultural products in occupied Western Sahara, new report documents.

16 December 2025